{"id":1540,"date":"2021-04-16T09:13:07","date_gmt":"2021-04-16T08:13:07","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/competition-in-irish-banking-market-will-soon-be-almost-non-existent\/"},"modified":"2021-04-16T09:13:07","modified_gmt":"2021-04-16T08:13:07","slug":"competition-in-irish-banking-market-will-soon-be-almost-non-existent","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/competition-in-irish-banking-market-will-soon-be-almost-non-existent\/","title":{"rendered":"Competition in Irish banking market will soon be almost non-existent"},"content":{"rendered":"<p><em><strong>The current state of Irish banking is a consumer nightmare<\/strong><\/em><\/p>\n<p>Competition in the Irish banking market will soon be almost non-existent, according to Social Democrats co-leader, and Finance Spokesperson, R\u00f3is\u00edn Shortall.<\/p>\n<p>\u201cKBC has today confirmed its intention to quit the Irish market. This news will be a source of great alarm to both its staff and customers and they must be kept fully informed of the bank\u2019s plans at every stage. Every effort must be made to protect jobs and customers to the fullest extent possible.<\/p>\n<p>\u201cThis unwelcome development means competition in the Irish banking market will soon be almost non-existent. It comes just weeks after Ulster Bank, the State\u2019s third largest bank, announced its intention to abandon the Irish market.<\/p>\n<p>\u201cIreland already has among the highest mortgage interest rates in the euro zone, second only to Greece. According to Brokers Ireland, this costs an Irish mortgage holder with a \u20ac300,000 loan over 30 years, in excess of \u20ac82,000. When consumers are denied choice, prices rise and AIB and Bank of Ireland will soon have the market, substantially, to themselves.<\/p>\n<p>\u201cFinance Minister Paschal Donohoe said he found out about KBC\u2019s proposed exit when he received a call from the CEOs of KBC and Bank of Ireland at 9pm last night to advise him the banks had entered into a Memorandum of Understanding to sell KBC\u2019s performing loans to AIB. It is concerning that the Minister was apparently among the last to know of the banks\u2019 plans, given their serious implications for both staff and consumers.<\/p>\n<p>\u201cBank of Ireland CEO Francesca McDonagh said the proposed deal with KBC complements its strategy to increase its business in Ireland. Meanwhile, AIB entered into a similar deal with Ulster Bank when it announced its intention to leave. While it may be in those banks interests to increase their business by gobbling up competitors\u2019 loan books, that is not in the interests of the Irish public.<\/p>\n<p>\u201cFollowing the exit of Ulster Bank, the government spoke in vague terms about creating a third force in Irish banking. Those plans need to be fleshed out immediately. The current state of Irish banking is a consumer nightmare.<\/p>\n<p>April 16, 2021<\/p>\n<p>Ends<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The current state of Irish banking is a consumer nightmare Competition in the Irish banking market will soon be almost non-existent, according to Social Democrats co-leader, and Finance Spokesperson, R\u00f3is\u00edn Shortall. \u201cKBC has today confirmed its intention to quit the Irish market. This news will be a source of great alarm to both its staff [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[88,7,264],"tags":[],"class_list":["post-1540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-press-release","category-roisin-shortall"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Competition in Irish banking market will soon be almost non-existent - Social Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.socialdemocrats.ie\/competition-in-irish-banking-market-will-soon-be-almost-non-existent\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Competition in Irish banking market will soon be almost non-existent - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"The current state of Irish banking is a consumer nightmare Competition in the Irish banking market will soon be almost non-existent, according to Social Democrats co-leader, and Finance Spokesperson, R\u00f3is\u00edn Shortall. \u201cKBC has today confirmed its intention to quit the Irish market. 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